An expense account sounds simple enough, but it actually means two different things in business. First, it’s the process that lets employees pay for work expenses and get reimbursed by their company.

Expense accounts are an integral part of the double-entry system of accounting and are used to record various costs businesses incur. The way expense accounts work is relatively simple, but to use ...

Expense accounts, also called expense allowances, are plans under which companies reimburse employees for business-related expenses. These expenses include travel, entertainment, gifts, and other ...

Accounting gives a business a way to keep track of its liabilities and expenses. In terms of liability vs. expense accounts, a liability refers to a financial obligation, or upcoming duty to pay. An ...

An expense account sounds simple enough, but it actually means two different things in business. First, it's the process that lets employees pay for work expenses and get reimbursed by their company.

In basic accounting terms, expenses are recorded as debits, which increase the expense account balance and reduce net income. The dual nature of expense accounts makes them central to business ...